What used to be the small network staunch Bitcoin supporters is being challenged by innovations. Mining Bitcoin on a desktop computer, in the comfort of your own home, is gone as followers would mine the cryptocurrency on individual systems more as a pastime.
Bitcoin hash rate reached 8 million times per second in the latter part of 2009. To cap 2010, it ballooned to 116,000 million times per second. The network exceeded 10,000,000,000 million times per second in 2014. Evidently, today, mining Bitcoin profitably from an individual’s personal computer is nearly impossible.
As the network age, its hashing power increased exponentially, and the miners are continuously growing in numbers. Which means that mining became more challenging and called for a more powerful computing capabilities to deal with the complicated algorithm. The first challenge when it comes to mining is getting an expensive, powerful hardware. Even the fork out of an entry-level machine including cooling systems that can fit the complex calculations costs a few thousand dollars.
Despite the high price, there is a slim chance that an entry-level machine could provide a fruitful mining. Majority of the earnest miners shed tens of thousands of dollars on competent and robust hardware. In actuality, Bitcoins are chiefly mined in mining pools with data centers administering the recent mining hardware. The most up-to-date equipment requires a lot of electrical power and electricity bills shoot up into thousands.
The electricity factor is crucial for significant mining pools that they either move operations to where electricity is inexpensive like China and in colder countries where running industrial-strength data centers are more energy efficient such as Iceland. That being said, it can be perceived that it is impossible for individual miners to compete profitably in the current Bitcoin mining market without economies of scale.
For individual mining enthusiasts, an alternative would be to mine altcoins which is a relatively good value against Bitcoin because of lower barriers to entry. Mining efforts are likely to be more lucrative and once the cost increased, it can be traded for Bitcoins. The money that can be preserved can be spent on additional tokens.
Another suggestion is to hold or stake a token as some coins on the market compensate an individual possessing a coin for a period. Akin to getting paid dividends, an amount can be reimbursed by token holders for helping preserve the security of the network via Proof of Stake mechanisms. It will allow a holder to trade against Bitcoin for a short period enough to allow a specific coin to increase.
Underwriting directly in Bitcoin can be risky and expensive as the present value of the digital currency is close to its all-time high. The cost and risk can be mitigated through an indirect altcoin investment route which has a better growth potential.
A self-regulated and decentralized financial system based on blockchain technology called BitConnect can deliver potentially profitable Bitcoin solutions using multiple investment opportunities.
They came up with the BitConnect Lending which enables users to invest or lend Bitcoins using the BitConnect coin (BCC). The Bitconnect Trading Bot and Volatility Software will pay out daily interest earnings as investors profit.
A referral bonus program is included to compensate Bitcoin members who referred other users to the BitConnect Lending platform.
Further BitConnect investment opportunities are Staking, Coin Trading, and Coin Mining. In Staking, the token holders are entitled to up to 120% annual earnings when they invest and stake tokens in a BitConnect-QT wallet or PoS minting.
The Coin Trading option depends on the fluctuations in the BCC token where it can be traded at different prices to utilize profits over the BCC Exchange. While in the Coin Mining the BitConnect mining is a cheaper and straightforward alternative to Bitcoin mining as it can be mined using more cut-rate CPUs or GPUs. Plus, it does not require ASIC hardware.
Compared to other virtual currencies, the platform has one of the most successful online communities that provide education on virtual tokens worldwide including the BitConnect Annual Ceremony Event.
The first crypto community released a music video album to increase awareness of the advantages and opportunities digital currencies afford investors and users. Similarly, BitConnect spotted a high adoption rate, one of the highest mining hash rates for Scrypt cryptocurrencies, among virtual currency enthusiasts.
Some distinctive features of the network that boost the adoption of BitConnect coin include BCC that displayed exceptional growth rate in the first year of launch, BitConnect Trading Module that allows direct Bitcoin trading, escrow service team that act as a mediator, fast and trouble-free fiat to Bitcoin trades and vice versa using BCC exchange and trust mechanism to guarantee the community’s security and protection against fraud.